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Governance and Firm Performance Board Variables

BSIZE: Board size, total number of board members. CEO: CEO dummy equals 1 if CEO is separate from chairman of board. IND: Number of Independent directors
Shareholders and Ownership:

OWN: number of block holders. CO: CO dummy equals 1 if the firm has a block holder with 25% common shares owned. SOMINOR: percentage of common shares owned by all minority shareholders.

Transparency and disclosure

INAUDIT: dummy variable, equal 1 if firm has internal audit committee


Control variables

FSIZE: Firm size: book value of total assets LNGROWTH: Net sale growth of firm LEVERAGE: Book value of debt divided by book value of total asset